Bloomberry Q3 revenue jumps 42 percent as marketing pays dividends

Bloomberry Resorts posted a 42 percent jump in third quarter revenue, recording its best quarter to date for gambling revenue, as marketing efforts to attract overseas VIPs paid off.
The company, which opened the Solaire Casino and Resort in Manila’s Entertainment City, in 2013, said total revenue was 5.85 billion pesos ($130 million), compared with 4.11 billion the previous year.
Gross gaming revenue jumped 57.5 percent to 7.7 billion pesos.
Bloomberry said as of September 30, 2014, the group has 58 junket operators that actively bring in foreign VIP players. Solaire Rewards Club registered 370,000 members and visitation for 2014 has reached 3.24 million.
“Solaire continues to innovate, introduce new creative programs, host special events, launch new promotions and develop other strategic marketing activities. All these strategic undertakings resulted in significant volume increases across all segments,” it said in a filing to the Philippine Stock Exchange.
For Q3, the company posted net income of 991.7 million pesos, this is a six-fold increase from last year’s net income of 165.0 million pesos. Total operating costs edged up 1.2 percent, but declined as a percentage of revenue to 52 percent from 80 percent in the prior year.
Solaire was the first integrated resort to open in the Entertainment City casino hub in the Philippines. The property is set to get competition when Melco Crown Entertainment’s City of Dreams opens before the end of the year.